Flagship Pioneering’s Generate Biomedicines is targeting a large public offering to fund late‑stage development, with reports indicating plans for a Nasdaq IPO that could value the company north of $2 billion and raise about $425 million. The company intends to apply proceeds to advance its lead antibody through Phase 3 trials in respiratory disease and to expand its AI‑driven discovery platform. Generate’s dual focus—deep pockets for clinical programs plus platform R&D—reflects investor appetite for asset‑plus‑platform combos. The filing signals continued public markets receptivity for well‑capitalized platform biotechs that can accelerate clinical assets into pivotal studies.